Modi Government Appoints 14 Executive Directors in 10 State Run Banks
Modi Government Appoints 14 Executive Directors in 10 State Run Banks (Photo Credits: Twitter)

New Delhi, Sep 20: A day after appointing Chief Executive Officers (CEOs) in 10 public sector banks (PSBs), the government on Thursday appointed 14 Executive Directors (ED), ending the week that began with the announcement of merger of three state-run banks. "Government appoints PSB EDs," tweeted Financial Services Secretary Rajeev Kumar attaching the list of appointees. He said all positions that would fall vacant by March 2019 have been filled. "No uncertainty. Focus to be now on competency-mapping, capacity-building and visionary leadership of senior and middle management," he added.

The Appointments Committee of the Cabinet (ACC) approved the 14 appointments in 10 PSBs following proposal from the Department of Financial Services, Ministry of Finance. Three EDs have been appointed in Union Bank of India, two each in Bank of Baroda and United Bank of India, and one each in Punjab National Bank, Oriental Bank of Commerce, Central Bank of India, Bank of Maharashtra, Allahabad Bank, Indian Bank and Syndicate Bank. Government to Soon Recapitalise Some PSBs with Rs 10,000 Crore.

Four of these appointments have been made by the ACC to fill the vacancies that will be arise after Wednesday's appointment of incumbent EDs as Managing Director (MD) and Chief Executive Officer (CEO) in nationalised banks. On Wednesday, five Deputy Managing Directors (DMDs) of the State Bank of India (SBI) were made MD and CEO of Indian Bank, Syndicate Bank, Central Bank of India, Andhra Bank and Dena Bank.

Five EDs from Syndicate Bank, Indian Bank, Union Bank of India, Allahabad Bank and United Bank of India were named top executives of Allahabad Bank, Bank of Maharashtra, UCO Bank, Punjab and Sind Bank and United Bank of India, respectively. "Government appoints 10 PSB MDs, with vacancies till January 19 filled well in advance, after widening the talent pool for the first time and arms length transparent selection," Kumar tweeted on Wednesday. RBI Governor Urjit Patel Seeks More Powers to Effectively Regulate PSBs.

On Monday, the government proposed the merger of three state-run banks -- Dena Bank, Vijaya Bank and Bank of Baroda -- into an amalgamated entity.